“Think about the tremendous amount of money on the short end of the yield curve that needs to find a home as over the next 5 to 10 years we could see higher inflation,” Wordell told CNBC.

Wordell said consumers aren’t going to help turn the economy around, and told investors to focus on the commodities instead.

“The U.S. consumer has got too much leverage and also staring down higher taxes and from this point going forward, interest rates only have one way to go,” he said. “So we’re not at all bullish on the U.S. consumer until they deliver somewhat.”

“Part of the call on commodities is going to be driven by global demand as the emerging economies recover due to all the massive fiscal and monetary stimulus as well as a weak dollar and we think the policies are in place right now for this administration to cause the dollar to get weak,” he said.